When selecting car title loans BC in Canada, there are many factors to consider, as the process can be overwhelming and confusing. When looking at these factors, it is essential to remember that companies are not created equal, and you should always look at why one company may provide a higher interest rate than another.
These are just some things you should know before choosing the best car title loan company in Canada. We hope this list helps you in your selection process.
Daily Rate Vs. Monthly Rate
The first thing to help you determine the best car title loans in Alberta is to look at the amount of money you are spending on interest every day vs. over a month.
A daily rate will give you the total cost of your loan over one day, while a monthly rate will give you the total cost over a given month.
The key difference here is that a daily rate only looks at your loan on a single day and doesn’t consider the balance of additional payments. In contrast, a monthly rate combines all these factors to accurately represent what you are paying in interest on your loan each month.
Fixed-Rate Vs. Variable Rate
A fixed rate is a set interest rate that remains constant throughout the term of your loan, while the variable rate changes as the market dictates, and you could have an increase or decrease in your payment each month.
There are times when a fixed rate will be better than a variable rate depending on the market and what rates you will be able to lock in. Before choosing your lender, you should know what you will be paying in interest each day vs. each month and then decide whether you are better off with a fixed or variable rate.
A fixed rate is a little easier to understand because it keeps your payments simple, but a variable rate gives you the flexibility to save money on your loan by taking advantage of market trends. The choice is ultimately yours, but think about how each option will impact your total spending with the company and then make the right decision for your situation.
Late Payment Fee
When choosing the best car title loans in Ontario, the last thing to think about is the late payment fee.
This fee is typically $25-$50 and is a widespread type of financing charge that you will find almost everywhere you look. There are always exceptions to the rules, but this is an excellent rule of thumb to follow when choosing if you don’t want to risk losing your money by missing a payment.
Call and ask for a one-time extension or negotiate a lower payment amount if you can’t make your payment. These things happen, which are even more common when they involve larger purchases. Keep in mind that you do not want to fall behind on your loan if possible. The late payment fee is very standard, but it is not the same with all companies – so be sure to check before deciding who you would like to work with.
Documents Required for Applying
Car title loans New Brunswick are very similar to payday loans, and car title loans are almost always secured against your automobile. You must be the car’s legal owner to use it as collateral.
You also need proof of employment, a valid driver’s license, and proof of insurance on your vehicle. Snap Car Cash considers customers with all credit histories, including customers with bankruptcies and foreclosure.
The financing process is a simple four-step process
1. APPLY ONLINE
2. BG VERIFICATION (for all customers)
3. WAIT TO BE CONTACTED BY A LOAN OFFICER
4. PROCESSING AND DISBURSEMENT ($100-$200 Min. Loan)
All car title loans Prince Edward Island with us will require 1 or 5 years to repay the loan. If you need more time to repay your loan, call and discuss the extension with our Loan Officer. Contact us now at 1-888-886-7627